Capital Investment Advisors LLC Boosts Holdings in Adobe Inc. (NASDAQ:ADBE)

Capital Investment Advisors LLC boosted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 14.4% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,589 shares of the software company’s stock after buying an additional 702 shares during the quarter. Capital Investment Advisors LLC’s holdings in Adobe were worth $3,105,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. McLean Asset Management Corp bought a new stake in shares of Adobe during the second quarter worth $238,000. E Fund Management Hong Kong Co. Ltd. lifted its position in shares of Adobe by 334.8% during the second quarter. E Fund Management Hong Kong Co. Ltd. now owns 574 shares of the software company’s stock worth $319,000 after purchasing an additional 442 shares during the last quarter. Orrstown Financial Services Inc. lifted its position in shares of Adobe by 0.9% during the second quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock worth $1,257,000 after purchasing an additional 20 shares during the last quarter. Cambridge Advisors Inc. lifted its position in shares of Adobe by 48.0% during the second quarter. Cambridge Advisors Inc. now owns 592 shares of the software company’s stock worth $329,000 after purchasing an additional 192 shares during the last quarter. Finally, CHICAGO TRUST Co NA lifted its position in shares of Adobe by 8.2% during the second quarter. CHICAGO TRUST Co NA now owns 5,392 shares of the software company’s stock worth $2,995,000 after purchasing an additional 410 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Performance

NASDAQ:ADBE traded up $6.06 during trading hours on Friday, reaching $536.30. The company had a trading volume of 1,272,635 shares, compared to its average volume of 3,346,469. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The firm has a market cap of $237.80 billion, a PE ratio of 48.19, a price-to-earnings-growth ratio of 2.85 and a beta of 1.30. The business’s 50 day moving average price is $528.34 and its 200-day moving average price is $526.14. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, topping the consensus estimate of $4.39 by $0.09. The business had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period in the prior year, the company posted $3.04 EPS. Research analysts forecast that Adobe Inc. will post 14.69 EPS for the current year.

Insider Activity at Adobe

In related news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $560.23, for a total value of $857,151.90. Following the completion of the transaction, the executive vice president now directly owns 20,359 shares of the company’s stock, valued at approximately $11,405,722.57. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $560.23, for a total value of $857,151.90. Following the completion of the transaction, the executive vice president now directly owns 20,359 shares of the company’s stock, valued at approximately $11,405,722.57. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 264 shares of the stock in a transaction on Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the transaction, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 27,523 shares of company stock valued at $14,994,277. 0.15% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms recently weighed in on ADBE. Piper Sandler decreased their price objective on Adobe from $700.00 to $635.00 and set an “overweight” rating for the company in a report on Friday, July 12th. Sanford C. Bernstein lifted their price objective on Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a report on Monday, June 17th. Evercore ISI restated an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a report on Friday, June 7th. Melius downgraded Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective for the company. in a report on Monday, June 10th. Finally, TD Cowen decreased their price objective on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a report on Monday, June 10th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $601.38.

About Adobe

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.